subject: Best Term Life Insurance Quotes [print this page] Buying the insurance is not as easy as you think, how do you know if the agent will show you all the products available so that you can choose the one that will best meet you and your family's needs and goals? I am a firm believer in "comparison shopping". The key here is making sure you know what to ask for so that you have the right things to compare. You have to ask the right questions to get the answers and information you need to make an informed choice.
There are three section in the life insurance Term life, Whole life and Universal life
Term Life: This is the most common and the most affordable life insurance. It is set for fixed term-usually 1-30 years, with 10, 15, 20, and 30 year terms common-and carries a guaranteed monthly premium. At the end of the term, the contract expires and most insurance companies offer renewal options. However, the terms of renewal (e.g. premiums, benefit amount, term) is subject to the insurer's terms and conditions.
Whole Life: The whole life insurance is the normally for the individuals and their beneficiaries for life. The one of the difference in whole life and Term life of insurance is that whole life has a savings vehicle attached to it. This is called the cash value, or cash surrender value. When the insured pays over the amount of the required premium, the difference is saved and invested in the insurance company's portfolio. As a result, the cash value will accrue interest-usually about 4%--dependent on the insurance company's policy. It will serve as an additional payout when the insured dies, can be withdrawn before death (may be subject to penalties), and provides a safety net if the owner is unable to pay premiums. This policy will initially carry high premiums (of which excess payments are highly advised to keep up a significant cash value), but will outweigh the benefits of Term Life in the long haul because there is no expiration date and the death benefit cannot be changed or denied as long as premiums are met.
Universal Life: The universal life insurance is some what similar to the whole life insurance respect to the savings vehicle. The only thing that makes it different from Whole Life is the fact that premiums and death benefits are adjustable. However, when the cash value of the policy is not high enough to cover premiums and the owner cannot pay his/her premium, the policy will lapse. There are recent innovations, though, that state that if the insured pays his premiums for a certain length of time-uninterrupted-then the universal life policy will not lapse after that period, even if the account has zero cash value. Many insurers provide this option and dub it a "no lapse guarantee".
Find the most appropriate quote to fill yours and your family's future needs
Finding a life insurance quote is as simple as searching for "life insurance quote compare". There will not be any lack of options, but it is typically fine to use any of the top results. Get the most accurate-this is done via imputing your information, as accurately and completely as possible. It's advisable not to purchase the cheapest coverage, initially anyhow. Choose an insurer that has an attractive rate, as well as terms. Read the fine print and fully understand it. Take into account yours and your family's present needs plus future needs.
Think about all of the unknowns that could happen when they're least expected? How would the family get-by? Can you afford just a little more to get a better policy? Do you need the extra advantage of a cash value that comes attached to a whole or universal life policy? These are the type of questions that must be asked before such an important decision is made.
