Life Insurance You Can Actually Afford!
Life Insurance You Can Actually Afford!
Life Insurance You Can Actually Afford!You've decided to purchase life insurance. Well then, you've made a fantastic decision for your family and those you care for. Knowing that you've provided for them after you're gone is a priceless feeling. However, buying life insurance shouldn't break your budget. Make note of the following options which can help you save both time and money!
Shop Online: There are life insurance agencies that will give you free life insurance quotes online. By entering some basic information about your age and health and the amount of coverage you wish, you will receive instant access to quote information. The better agencies will allow you to view quotes online without asking for your name or contact information, and I recommend these sites so that your information is not sold to an army of hungry insurance agents! Naturally, need to talk to an agent at some point, but at least you will get a very good idea of the rates and amounts of coverage you are seeking. There are many such sites you can find online, but some do resell your information so be careful.
Types of Life Insurance: There are really only two types of life insurance, Term Life Insurance and Permanent Life Insurance. Under the 'permanent' category there are three types of plans from which you can choose: Whole Life, Universal Life, and Variable Universal Life.
Term Life Insurance is the most affordable type of coverage in most cases as it lets you lock in a fixed rate for the length of the policy [typically 10, 20, or 30 years], offers guaranteed level premiums, access to the death benefit if you are diagnosed with a terminal condition, and can even offer a return of your premium if you do not die during the term period.
Whole Life Insurance gives policy holders coverage for their lifetime, level premiums, and accumulation of cash values. In other words you can borrow off the policy if you need the cash. However, the premiums and ongoing fees for this type of coverage are quite high and this type of coverage is most often seen being used for coverage of less than $50,000.
Universal Life Insurance or "UL" offers policy holders coverage for their entire lifetime, flexible premiums and death benefits, and the ability to accumulate cash values. Rates are adjustable based upon whether you are paying for a level death benefit, decreasing death benefit, or accumulating cash values. Much more flexible than a whole life plan, but the fees are still considerable and not recommended for someone who is just looking for affordable life insurance coverage.
Variable Universal Life Insurance is a similar to regular UL in that it offers lifetime coverage, flexible premiums and death benefits, and potential accumulation of cash value. It differs in that it allows the policy owner to choose from a selection of investment options to obtain a rate of return, but it lacks the guaranteed death benefits of the other plans. Rates are adjustable.
Contact an Agent: Once you determine which type of insurance you feel is best for you and your family, it is time to speak with an agent for further guidance. If you found an acceptable life insurance quote online, follow through with it and notify an agent to contact you personally. Your agent will go over the policy and coverage and discuss with you different companies offering coverage to make sure you are getting the best rates. Once you are satisfied and want to proceed further, your agent will order a free medical exam for you that can be done in the convenience of your home or office and takes about 20 to 30 minutes to complete. Once the application is completed and returned to the agent, and the medical exam is done, it will take about four to six weeks for the underwriting to be completed and if all goes well, coverage will begin almost immediately thereafter. Remember, you are not obligated to accept the policy until you sign a contract and pay your initial premiums.
Additional Savings: How would you like to save even more money? If you have the funds available, pay the premium all at once. Monthly, quarterly, and semi-annual payments usually carry a surcharge. By paying the entire annual premium in advance you can save around 5%.
Providing for your loved ones after your death is the most important reason to include life insurance as part of your financial planning. None of us are guaranteed another day, so start your search today.
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