$39-$49/month. This is the cheaper type of life insurance, and the one that’s right for most people. Some of the information you’ll be requested to share is basic, like: Gender. For a male non-smoker who is in pretty good health and lives in New York, the average rates for a 15-year, $750,000 term life insurance policy are: Age 25. As we mentioned, you can also grow it faster by making larger premium. What is great about applying for no exam life insurance through Sproutt is that the company works with a network of insurance providers. They also look you up in the MIB Group database and get a copy of your motor vehicle record. In New York, insurance products and services are offered by Assurity Life Insurance Company of New York, Albany, NY. g. We’re searching for passionate, committed, and dynamic professionals who are ready to revolutionize the. Term Life Insurance. , $10,000) designed to cover the insured’s end-of-life costs. With no need for a medical exam, this kind of life insurance is perfect for those in poor health fretting about providing for their loved ones or funeral expenses. Voluntary term life insurance. It offers underwriting services that its member companies across the U. At a certain age (usually 21), the policy’s death benefit increases. The certainty of Guaranteed Life Insurance allows you more peace of mind as you navigate your day-to-day as well as future plans. This enables you to put coverage in place even when your budget might be tight. Heart Disease. Ethos has the most options of any online life insurance company, and many different products to choose from. Tax advantages – Funds in your permanent life insurance account grow tax-deferred, like those in a 529 plan. That means that, per the specifications laid out by the policy, the policy owner can convert the term coverage into permanent coverage at the time of their choosing. No medical exam; Answer a feq health questions to get started;. To get an idea of how much you can expect to pay for 30-year term life insurance, check out the table below. It will obviously be more expensive than a regular policy but can give you peace of mind in trying times. Pricing: The cost of Sproutt’s life insurance tends to be on the higher side. Guaranteed insurability option riders are optional. This differentiates mutual companies from privately owned ones or stock insurance companies, which focus on serving their shareholders. It gives the policy’s beneficiaries a predetermined amount of money in the event of the insured’s accidental death and distributes a sum of money to the insured if they lose a. With burial insurance, the cost of your end-of-life expenses gets covered by an insurance provider. Sproutt scores 4. If it’s not obvious that you’re. The reasoning behind this statement is that, at least according to those who make this argument, first and foremost most people only need life insurance during their working and child-rearing years. The first thing to do is to disclose your pregnancy during the application process. , LIBOR. No health questionnaire or medical exam exists, but death benefits have a low cap. This assumes you choose and are eligible for traditional life insurance. Term life insurance policies do not have a savings component. The beneficiaries. Once a life insurance company deems a policy paid-up, it indicates that the policy owner no longer needs to make premium payments in order to keep that coverage in force. Jan 3, 2022. Instead, life insurance doesn’t start protecting the life of an insured until the effective date. The upside is that they offer a significantly more sizable death benefit (e. The vast majority of policies sold on Sproutt are for term life insurance. Life Insurance Glossary. Best coverage without a medical exam Haven Life, a subsidiary of MassMutual. In this type of insurance policy, the owner of the vehicle can overcome the losses of motors from theft, accident, or damage. The total annual cost for a $1,000,000 policy would be $120 a year. long-term care insurance. This way, you’re covered by multiple no exam policies. In addition to these ratings, Sproutt is backed by Guardian Life Insurance, one of the largest life insurance companies. The steps before approval. Agents and Agencies. Health history. Many insurers offer no-medical-exam coverage as high as $1 million or $1. , hid a smoking habit or a health diagnosis. To figure out your age nearest birthday, determine if you’re past your half birthday. No Medical Exam Life Insurance. However, getting these life insurances in the United States and. If you don't qualify for fully underwritten life insurance and need more than $50,000 in coverage, your best option is a no medical exam term life policy. Additionally, Sproutt has a 4. The human-life approach is a multi-step process. The cost of life insurance with no medical exam will vary based on the type of policy you choose. No exam life insurance, also known as life insurance without a physical exam, can be acquired far more quickly than regular life insurance plans, which demand a medical exam and take a lengthy time to process your application. Universal Life Insurance. Sproutt provides a cost analysis of no medical exam life insurance policies. Cost and personalized coverage are important factors because there is no one-size-fits-all policy that works for everyone. Agents and Agencies Take your business to the next level with Sproutt! Whether you’re an individual agent or an agency owner, take advantage of Sproutt’s industry-leading resources and best-in-class support to help you achieve your. Life insurance illustrations are regulated by NAIC’s Life Insurance Illustration Model Regulation (Model #582). No Medical Exam Life Insurance; Universal Life Insurance; Life Insurance Glossary; Term Life Insurance. Here is a list of typical fees that you may find on an index universal life insurance policy: Face Amount Charge Per $1,000. The right life insurance policy may provide you and your family with protection in the event of your death. 1 (888) 786 3917 Toll Free M – F 9:00AM – 7:00PM ET. Sproutt Life Insurance Policy Cost: 4. Movement. Traditional 10-year term policies require a life insurance medical exam as part of the application process, in addition to a lengthy questionnaire that includes questions about your health, driving records, finances, hobbies, and more. S. You can get as much as $200,000 or $300,000, in some cases,. A single-premium life insurance policy would technically be a paid-up policy, for example, because the policy owner paid in full with. Simplified - Most people would qualify, provided they dont have too complicated of a medical history. One of Sproutt's hallmarks is providing instant term life coverage with no medical exam required. Types of permanent life insurance. Founded in 2019 and located in America’s insurance capital, Hartford, Connecticut, Sproutt is a life insurance marketplace that connects customers with 1. With dependent life insurance, you don’t buy a standalone policy. Going this route means you get to skip the medical exam. Life is good. The downside, though, is that life insurance you get through your employer generally comes with a limited death benefit. A disclosure statement is a written document that you should receive when buying life insurance. They are also one of the few that sells whole life online. Ethos aims to help users sign up for and take out a life insurance policy within 10 minutes. No medical exam necessary for qualifying applications. Term policies are among the cheapest forms of no medical exam insurance and are offered in lengths up to 30 years. The amount you pay stays the same throughout the life of your policy. Generally, that coincides with the date of the initial premium. There are two types of insurance agents. Using the same consumer profile, a million-dollar term life policy would cost $59. Securing a business loan may be more accessible if the business owner has a life insurance policy. What is Variable Life Insurance? Variable life insurance is permanent life insurance that gives policy owners the option to invest the policy’s cash value into investment options offered by the life insurance company. $27-$37/month. Why health matters in life insurance When life insurance companies issue policies, […]A single child rider is sufficient to cover any children you have and, in many cases, any future children you have. They also look you up in the MIB Group database and get a copy of your motor vehicle record. The agent also binds that coverage (essentially, sets up the policy) for them. 2 million insurance brokers across the U. Agents and Agencies. 8/5 RatingLife insurance ratings and their associated costs. Based on what they find, they assign a rating to you. NEW YORK, Feb. Term Life Insurance. With a convertible policy, the insured doesn’t need to. Convertible term insurance, on the other hand, allows the policy owner to convert (hence the name) the term policy into a permanent one. 2 million insurance brokers across the U. Pros of using life insurance to save for college include: Financial aid – When your child applies for financial aid for college, the savings in your life insurance account are not considered. Alternatively, you could choose accelerated underwriting life insurance, which skips the medical exam and streamlines the underwriting process, or guaranteed issue life insurance, which comes with no underwriting assuming you fit into the specified age bracket. Whether you choose term or whole life insurance, it doesn’t matter, as long as you achieve your goal of offering financial coverage to your loved ones. 2 million insurance professionals in the US to offer tailored life insurance policies to their customers quicker and more easily. Agents and Agencies. 2 million insurance brokers across the U. No Medical Exam Life Insurance. No-exam life insurance is usually a term policy, which means you typically pay a premium to be covered for a specific term such as 10, 20 or 30 years. Group life insurance. g. How much life insurance do I need? The right life insurance policy provides you and your family with essential protection in the event of your death. No-exam Life Insurance. In the past, the rates for an online life insurance policy with no exam were much more expensive than rates for fully underwritten life insurance. 4. A life insurance rating is a metric that companies assign to insurance applicants based on their risk level. This means there are some required components that need to be present in every illustration, such as: Cash value; Death benefit; Inflow from the premiumsThe life insurance medical exam is a brief, routine follow-up to confirm this information. It offers three options, including traditional life insurance. Vegans have a 49% lower risk of type 2 diabetes. Third-party ratings. Take your business to the next level with Sproutt! Whether you’re an individual agent or an agency owner, take advantage of Sproutt’s industry-leading. Sproutt is known for its renowned and popular no medicinal approach to life insurance. The Quality of Life Index (“QL Index”) is an informational tool designed by Sproutt to assess a person’s lifestyle based on certain factors that recent studies have shown can be indicative of a healthy lifestyle: movement, nutrition, sleep, use of alcohol and narcotics, smoking or vaping, emotional health and work-life balance. Simple term – No medical exam, coverage up to $100K, available for military spouses, ages 45-75. When an individual buys a life insurance policy on themselves or someone else, one of the main things they have to decide is the policy’s face amount. With traditional, guaranteed and no-exam options, most users will find. Coverage is typically capped at $500,000 or $1 million. Direct response life insurance is life insurance that an insurance company sells directly to the consumer. Agents and Agencies. This policy is like a backup plan to your traditional health insurance, but it has more offers. 2 million insurance professionals in the US to offer tailored life insurance policies to their customers quicker and more easily. The better the rating the insured receives, the less their life insurance policy will cost. Most insurance providers have age restrictions on their child riders. Signing a life insurance contract. If you’re in good health you can apply for no-exam life insurance and skip the hassle of a doctor’s exam and. While the negative reviews were minimal (only 2% 1-star), I did review the comments to see if I could identify recurring themes. You can buy LTC insurance as a standalone policy or, in many cases, add it as a rider to your life insurance policy. Monthly premiums start at $29 for $500,000 in coverage and $49 for $1,000,000 in coverage for healthy individuals. All the above life insurance can be found depending on the carrier and State up to 90 years old. Summary: Simplified issue life insurance policies don’t require a medical exam, but you may need to answer a short health questionnaire during the application process. Sproutt says their self-serve digital process usually requires no medical exam, phone calls, or appointments to obtain life insurance coverage. Insurance companies specify what qualifies as accidental death. In most cases, you won’t need a medical exam. The highest on. Nutrition. Whole Life Insurance. Whole Life Insurance. 30-year term life insurance is one of the longest term life policies you can get. Bottom Line. So, when you submit your application, you can receive multiple. Most life insurance policies, including term and permanent life insurance, likely cost more than final expense insurance and may require a medical exam. Ethos — Best for Low Minimum Coverage Amounts. Reinstatement provisions most often come into play after a policy has lapsed because of nonpayment. Generally, it comes with premiums and a death benefit that are fixed and a cash value component that grows at a steady rate of interest. A diet focused on leafy green vegetables, fruits, and fiber is linked with a reduced chance of Alzheimer’s disease. New York Life. Best for Larger Policies: Fabric. , $500,000 or $1 million). According to their website, Sproutt offers no-exam life insurance, guaranteed issue life insurance, whole life insurance, critical illness insurance, and universal life insurance – all in addition to term life insurance. Life is good, And it can even get better. Best for Those Under 50 Years Old: Wysh. Studies have linked that running can reduce your risk of death from a heart attack and stroke, making this activity favorable to insurers. If you die, this policy can ensure that your loved ones have some or all of the funds they need to cover your final bills, pay your debts, and/or cover specific expenses, such as education costs for children. But no medical exam policies can be more expensive than ones that require it. But whole life insurance isn’t only more expensive than. Although it’ll require a medical exam, you can get as much as $5 million in life insurance coverage using Fabric’s otherwise all-digital application process. No Medical Exam Life Insurance by Sproutt. In other words, the insurer won’t start protecting you until they’ve received some money from you. How decreasing term insurance works. Agents and Agencies. A good broker will review your application and let you know ahead of time if accelerated underwriting may be an option. Term life insurance doesn’t have a cash value component, so you can’t take a policy loan against term coverage. They make their living on commission. Once approved, pay online using a credit card or ACH for immediate protection. No-exam life Insurance Term Life Insurance Whole Life Insurance Sproutt life insurance offers a one-stop shop to get life insurance without taking a medical exam. State law and insurance producers. Group life insurance for businesses allows owners and employees to utilize group rates. Additionally, during the medical exam, the healthcare provider gathers data about any current and. The difference is more than $50 a month for men and more than $30 a month for women — that’s a lot. If your medical history flags high risks, Sproutt can reject your application. , the policy benefit. Dependent life insurance allows you to buy a lower amount of coverage for someone who relies on you. Plus, if you have a health condition that disqualifies you from other types of life insurance coverage, the lack of a medical exam can be a boon. That generally includes: Serious illnesses. Do You Need to Get a Medical Exam When You Apply for Life Insurance Online? Often, no. They may look at mortality rates for people in specific jobs, especially high-risk ones like aviation or construction, or people of a specific demographic, like age or gender. Wealthbuilder life insurance – No medical exam, up to $1 million in coverage. For starters, they’ll usually have life insurance applicants fill out a medical questionnaire. No Medical Exam Life Insurance. Haven Life — Best for Instant Approval. The highest on the market currently is $7. No Medical Exam Life Insurance; Universal Life Insurance; Life Insurance Glossary; Term Life Insurance. That means they’re the one who needs to pay the premiums to keep the policy active, but they’re also the person who can make changes to the policy — or even terminate it. The purpose of the blood test is to check for underlying diseases, health issues, and drug use. No Medical Exam Life Insurance; Universal Life Insurance; Life Insurance Glossary; Term Life Insurance; Whole Life Insurance; Customer FAQ; Agents and Agencies. Life insurance companies look at height and weight as key factors when determining coverage eligibility. – This is the most basic kind of life insurance policy. To clarify, term life insurance is coverage with set parameters (like the policy’s premium) that last for the specified term (e. Getting life insurance without EOI. Instead, when you apply for a policy, your application is guaranteed to be accepted by the life insurance provider, provided. Founded in 2019 and located in America’s insurance capital, Hartford, Connecticut, Sproutt is a life insurance marketplace that connects customers with 1. A company or business partner can be a beneficiary of a life insurance policy. It is sometimes called the insurance score or. Why We Picked It: With most forms of life insurance, you have to undergo a medical exam. The national average cost of life insurance without a medical exam is around $816 per year or $68 per month. Buying life insurance as an adult is one of the smartest decisions you can make. Customers can complete the full online application in around five minutes and purchase 10- to 30- year term policies with up to 1. Presently, there are no reviews published for Sproutt on BBB. A typical policy can cover accidents resulting in death or dismemberment from: Exposure to the. When you apply for a life insurance policy, you’re not necessarily guaranteed to get approved. Company background: Sproutt launched in 2018 with a mission to simplify and shorten. At the end of the term, the policy owner can keep the coverage, but the life insurer can make adjustments. Our approach to life insurance is personalized, unique, and focused on celebrating you. Re-entry term life insurance is a type of renewable term insurance that periodically requires new medical underwriting. single premiums. How life insurance settlements work. Consumers. This jump occurs without an increase in premiums or the need to submit any new evidence of insurability. It’s a great option for people in their 20s, 30s, and even 40s—once you buy it, you can have peace of mind for the next 30 years knowing that your loved ones will have financial protection if you die. These whole life insurance policies come with a small death benefit (e. More energy and higher vitality for those maintaining a plant-based diet. Whole life insurance without a medical exam, will often have higher premiums than a term life insurance policy with no medical exam that cannot accrue cash value. These are the average rates for a 30-year, $500,000 for relatively healthy male and female non-smokers in New York. If you don’t want to go through the hassle of a medical exam, Sproutt offers a no-exam option that will provide you with fast approval. 6 Best No-Exam Life Insurance Companies of 2023. When people talk about the savings component of life insurance, they are only referring to permanent. On January 1, she applied for a $1 million whole life insurance policy, which facilitates a six- to eight-week waiting period due to the required medical exam. Founded in 2019 and located in America’s insurance capital, Hartford, Connecticut, Sproutt is a life insurance marketplace that connects customers with 1. Agents Take your business to the next level with Sproutt. The only type of life insurance that can be bought for a child is whole, which has no expiration date. The catch is that in order to avoid a cash value-related policy lapse, the onus is on you to avoid a missed premium-related lapse. 30-year term life insurance is one of the longest term life policies you can get. Table of Contents. 5. If you’re applying for a life insurance policy worth less than $500,000, you probably won’t have to get a medical exam if you don’t want to. Once the insurer approves their application and issues the coverage, the policyholder has control over the policy. The results give the insurer a clear picture of your current health. State Farm — Best for Bundling Discounts. Agents and Agencies Take your business to the next level with Sproutt! Whether you’re an individual agent or an agency owner, take advantage of Sproutt’s industry-leading resources and best-in-class support to help you achieve your. Approval is fast and easy. Surrender Fee. What is Approval? In life insurance, approval is what happens when the life insurance company has completed underwriting and decided to issue you the life insurance policy for which you applied. However, they are very different from each other, and each type fills a specific need. It can be paid on a regular basis (e. As with term life insurance, Sproutt is able to offer between $50,000 and $4,000,000 in whole life insurance through the company’s many partner insurers. In addition to this, and perhaps more importantly, 20-year-olds receive the best rates and some of the most advantageous policy terms. . With Sproutt’s no-exam life insurance option, customers can select “term” or “whole” coverage. No Exam Life Insurance– SBLI has one of the best no medical exam life insurance on the market in 2023. Simplified - Most people would qualify, provided they dont have too complicated of a medical history. An accidental death and dismemberment (AD&D) benefit is the payout from either a standalone AD&D policy or an AD&D rider added to a life or health insurance policy. Accelerated policies cost about the same amount as traditional life insurance but. Life insurance cost. To my surprise, you can get a basic life insurance quote on Sproutt quicker than you can get a quote for car insurance. These types of policies are called graded life insurance. Presently, there are no reviews published for Sproutt on BBB. Whole Life Insurance. You can buy life insurance with no medical exam. A mutual life insurance company seeks to serve the people it insures, not just because they’re paying customers, but also because they’re owners. Non-forfeiture clauses can also apply when a policy owner voluntarily cancels the. Like other permanent life insurance policies, adjustable life insurance comes with a cash value component. No medical exam Sproutt life insurance is offered via multiple policies including some term and whole life options. No Medical Exam Life Insurance is the perfect solution for people who want life insurance but do not want to go through a medical exam. The typical rate is an increase between 8% to 10% — so for example, if you get a quote of $30 a month when you’re 30, you can expect a quote of about $32 a month when you’re 31. And the younger you buy it, the more affordable it can be. No exam life insurance is self-explanatory —Life insurance without the need for a medical exam. Customer FAQ. A company called Sproutt can walk you through the process to find you and your family the right coverage in less than 30 minutes, if you qualify. When you apply for life insurance on yourself, the insurance company kicks off an underwriting process. No Medical Exam Life Insurance. Take your business to the next level with Sproutt! Whether you’re an individual agent or an agency owner, take advantage of Sproutt’s industry-leading. Questions about your. 8 out of 5 (424 reviews) A+ (1 customer review) Accurate as of May 31, 2023. Read More. And contrary to popular belief, it’s not only for people who are married or who have kids. No medical exams, medical records, or case management. An insurance carrier is a company that sells insurance. Sproutt Reviews and Ratings. Agents and Agencies. If you want a streamlined, low-cost way to cover your funeral costs, you can consider final expense insurance. No Result . While both types of life insurance give the policy owner options as the end of the policy term approaches, as we just explored, renewable term insurance allows them to renew the coverage with a specified term. Here are six medical issues that can affect your life insurance premiums (and that might be checked during your medical exam and blood tests ): 1. Customer FAQ. Sproutt’s SmartLife enables the 1. Guaranteed insurability rider. While $2 a month isn’t a big difference, it can add up over the course of 30 years. Customer FAQ. A credit-based insurance score is a rating given by insurance companies to determine if someone is likely to file an insurance claim. Learn what to watch for when getting a Sproutt quote. Life Insurance Tip: If you need more than $500,000 life insurance with no medical exam coverage, you can opt for additional policies from another life insurer. Excellent user experience. Those who smoke have the. This provision exists in order to protect insurers from excess losses in challenging economic times, keeping them solvent. When you put your policy in place, you and the insurance provider agree on an amount of coverage, i. The annual premium you need to pay for life insurance gets set by the insurance provider once they evaluate your risk factors. No Medical Exam Life Insurance; Universal Life Insurance; Life Insurance Glossary; Term Life Insurance. The benefits of whole life insurance. There are even a few that go above the million mark to $2MM and $3MM. Once selecting the coverage desired and entering the information needed, Sproutt will connect and display options for no exam life insurance with the life insurance. MassMutual, originally Massachusetts Mutual Life Insurance Company, was founded in 1851and has an excellent reputation. It’s a great option for people in their 20s, 30s, and even 40s—once you buy it, you can have peace of mind for the next 30 years knowing that your loved ones will have. Age 35. That means that you won. That payment activates the insurance contract. Adjustable life insurance cash value. Customer FAQ. What to Know About Comparing No Exam Life Insurance Quotes. 8 stars, Sproutt has quickly become a trusted resource for no medical exam life insurance policies. Agents and Agencies. . No exam life insurance sproutt life insurance What is No Exam Life Insurance. g. No Medical Exam Life Insurance; Universal Life Insurance; Life Insurance Glossary; Term Life Insurance. Global Life. Sproutt Life Trustpilot Ratings. Term Life Insurance: This affordable option covers a specific period (10, 20, or 30 years. 22, 2023 /PRNewswire/ -- Haven Life today announced a coverage increase of its no-medical Simplified Issue product, Haven Simple, from a maximum of $500,000 to $1,000,000. No Medical Exam Life Insurance Sprout. Because there is minimal to no underwriting, approval is quick and painless. In other words, the parents won’t need to pay more for the. Take your business to the next level with Sproutt! Whether you’re an individual agent or an agency owner, take advantage of Sproutt’s industry-leading. The life insurance company uses the medical report — and what it concludes about your overall health — to determine a rating for you. Myth #3: You need to go through a medical exam to get life insurance. Prices start at $9 a month. Weight (to calculate your BMI) Height. org. Motor Insurance. Agents and Agencies Take your business to the next level with Sproutt! Whether you’re an individual agent or an agency owner, take advantage of Sproutt’s industry-leading resources and best-in-class support to help you. No Medical Exam Life Insurance; Universal Life Insurance; Life Insurance Glossary; Term Life Insurance. Sproutt No-Exam Life Insurance Review 2022 Overview Sproutt’s no medical exam life insurance policy allows qualified applicants the option to purchase a term life insurance policy online in about 12 minutes. 100 Pearl Street, 14th Floor Hartford, CT 06103. Alternatively, you could choose accelerated underwriting life insurance, which skips the medical exam and streamlines the underwriting process, or guaranteed issue life insurance, which comes with no underwriting assuming you fit into the specified age bracket. No Medical Exam Life Insurance Sprout. Whole Life Insurance. Monthly premiums start at $29 for $500,000 in coverage and $49 for $1,000,000 in coverage for healthy individuals. 8 out of five stars with Trustpilot. The industry is based on the belief that the insurance industry has operated on the same model for hundreds of years, and it’s time for a change. At the end of the term, you’ll need to renew the policy and will likely face much higher premiums because you’ll be notably older at that point. com with a rating of 4. Established in 1900 as the Liberty National Life Insurance company, the company has the highest number of life insurance policies compared to any other company in the U. Ladder – Best for flexible coverage. Haven Life offers up to $3 million in term life insurance coverage to applicants between 18 and 64. A heart attack. The Medical Information Bureau (MIB) is the old name for the MIB Group, a corporation owned by hundreds of insurance companies. A doctor or a nurse in your home or office can conduct the exam. The majority of term life policies are level premium policies. Age of Male Non-Smoker. Third-party ratings. Types of term life insurance. Agents and Agencies Take your business on the next level with Sproutt! Whether you’re an individual agent or an agency owner, take advantage of Sproutt’s industry-leading resources and best-in-class support to help you achieve your. BBB Rating. Even better: There’s no medical exam required for healthy people. Penn Mutual takes the cake when it comes to high-coverage and high-issue-age no-medical-exam life insurance. Usually, group life coverage is a term life insurance policy that is offered as yearly renewable term insurance – meaning, the purchasing entity renews it annually. At the end of the term, the death benefit reaches $0. Life insurance companies tailor their mortality tables to evaluate specific risk factors, like whether or not the individual smokes or is. Wednesday, July 19, 2023. Finally, they usually require a medical exam with a physician they’ve approved. This contrasts with life insurance that gets sold through a local insurance agent. Many guaranteed-issue life insurance policies require a waiting period of 24 months. , death before a certain age), the insurer will pay an additional sum of money to their beneficiaries. They can initiate sales, assess potential customers’ eligibility for Sproutt’s most competitive policies, and sign them up on the spot. Group life policies usually offer a death benefit that is much smaller than an individual. To ensure they get compensated for that extra time, they may charge a policy fee. Check it out once. Thankfully, in this digital age, it’s never been easier — or more affordable — to get life insurance. In order to become an insured, you need to buy an insurance policy. 2 million insurance brokers across the U. Some policies offer some of these customization options at no added cost, while others require a slight increase in premiums.