Life Insurance Policy Quotes: We can Help you Find Cheap and best in Market

Life Insurance Quotes
We all recognize the importance of life insurance. Everyone wants to make sure that their loved ones are taken care of when the time comes, leaving them in a better situation. This is universal. But before you purchase a Life Insurance Policy, there’s some integral research that needs to be done, to buy the best possible life insurance coverage at the right price.

Surprisingly, the number one question related to Life Insurance is: why buy life insurance?

Topping the list of reasons to buy life insurance is the financial protection life insurance offers. If you’re single and just starting out, you may not need life insurance, but as you take on more responsibilities and your family grows, your need for Life Insurance increases.

The proceeds from a Life Insurance Policy can replace the income lost to your family upon your death. You might also want to buy life insurance to pay off debts and expenses, leave money to charity, cover final expenses and cover estate expenses. Shop with us. BuyInsurance.com will provide you with various life insurance quotes from Life Insurance Providers for free.

Term Life Insurance Explained: Term life insurance policies are popular because of their low cost and relatively long term of life insurance coverage. This type of Life Insurance Policy provides a cost-effective way of getting maximum life insurance protection for a set period of time at a fixed cost. The life insurance premium rate you pay for term life insurance is guaranteed to remain the same low life insurance premium amount for the duration of the term of coverage selected. Many life insurance companies offer term life insurance policies for periods of 5, 10, 15, 20 and now up to 30 years.

It is important to understand the terms of any life insurance policy that you are considering before making a life insurance purchase. Term Life Insurance Policies build no cash value. They pay a benefit only if you die during the term of the life insurance policy coverage. If death occurs, the beneficiary collects the face amount (death benefit) of the life insurance policy, free of income taxation. Premium life insurance rates for renewals of these life insurance policies will normally increase at the end of the guaranteed life insurance policy period. Term Life Insurance policies require that you furnish evidence of insurability at time of renewal to qualify for these life insurance rates.

Universal Life Insurance Policy Explained: If low dollar outlay is your main concern, and your life insurance need is for a period of 30 years or less, term life insurance may have an advantage. If your need for life insurance coverage will last beyond 30 years, a Universal Life or Whole Life policy may be more effective. Should your life insurance needs change, many term life insurance policies carry a conversion privilege that will allow you to convert your term life insurance coverage to permanent Universal Life or a Whole Life policy without a medical examination. It is important to check the conversion privileges of the term life insurance policy before you make your purchase.

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Pros and Cons of Term Life Insurance:

Pros of Term Life Insurance:

  • Life Insurance Premiums are generally lower than those for permanent life insurance.
  • You can afford higher life insurance coverage when the need for protection often is greatest within a Term Life Insurance policy.
  • Term Life Insurance is good for covering specific needs that will disappear in time, such as mortgages or family income needs for children.
  • Term life insurance is an effective way to get the most coverage at the lowest cost for up to 30 year.

Cons of Term Life Insurance:

  • Life Insurance Premiums are generally lower than those for permanent life insurance.
  • You can afford higher life insurance coverage when the need for protection often is greatest within a Term Life Insurance policy.
  • Term Life Insurance is good for covering specific needs that will disappear in time, such as mortgages or family income needs for children.
  • Term life insurance is an effective way to get the most coverage at the lowest cost for up to 30 years.
  • On most Term Life Insurance policies, the life insurance premium may increase after the guarantee life insurance period expires.Life Insurance Coverage may terminate at the end of the policy term or may become too expensive to continue.
  • Generally, a Term Life Insurance Policy doesn’t offer cash value or paid-up insurance.

Whole Life Insurance Explained: Whole life insurance policies provide lifelong protection and are known by a variety of names such as…

As long as you pay the necessary life insurance premiums, the death benefits will always be there. Whole Life Insurance Policies are designed and priced for you to keep over a long period of time.

Note: If you don’t intend to keep your life insurance policy for the long term, usually fifteen years or longer, whole life insurance may be the wrong type of insurance for you.

Most permanent life insurance policies have a feature known as “cash value” or “cash surrender value.” This is a feature, which is not found in term life insurance policies. The cash values of many life insurance policies may be affected by your future experience, including mortality rate, expenses and investment earnings. Keep in mind that with all types of whole life insurance policies, the cash value of a life insurance policy is different from the policy face amount. Cash value is the amount available when you surrender a life insurance policy before its maturity or your death. Provided, the cash value is sufficient, the face amount is the money that will be paid at death or at policy maturity.>> Get a Free Online Life Insurance Quote Now!

Pros & Cons of Whole Life Insurance:

Pros of Whole Life Insurance:

  • The Whole Life Insurance policy’s cash value can be converted into cash or an annuity.
  • A provision or “rider” can be added to a Whole Life Insurance policy that gives you the option to purchase additional insurance without taking a medical exam or having to furnish evidence of insurability.

Cons of Whole Life Insurance:

  • Required premium levels may make it hard to buy enough protection in a Whole Life Insurance policy.Premiums are generally higher than those for term insurance in a Whole Life Insurance Policy. Coverage may cost more during the early years of coverage when the need for protection is often greatest in a Whole Life Insurance policy.
  • Generally costs more to cover needs that will disappear in time, such as mortgages or family income needs for children within a Whole Life Insurance Policy.

Various Types of Whole Life Insurance Explained:

Whole Life Insurance or Ordinary Life Insurance provides a lifetime guaranteed death benefit; a guaranteed fixed premium, and guaranteed cash values. These policies have the excess earnings (if any) of the insurance company credited to your cash value either as dividends or as excess interest. Similar to Universal Life plans, your cash values can be used to pay future premiums, fund retirement and college education, and provide emergency cash reserves.

Whole life typically provides the best investment rate of return per dollar of premium. In summary, whole life is for the person who wants guaranteed permanent coverage with a guaranteed premium for the rest of their life.

Universal Life Insurance or Adjustable Life Insurance Explained:

Universal Life Insurance or Adjustable Life Insurance is a flexible permanent product that allows a policyholder to design his own plan. You can adjust your premiums from year to year, increase or decrease your death benefit, and still accumulate savings with tax advantages. Universal life is a popular first time permanent policy for budget minded young families with changing needs. This plan is often used as a low cost, level premium alternative to term insurance when coverage is needed for many years. Since term insurance will eventually have increasing premiums and often requires re-qualification by passing a new medical exam, your term costs will ultimately become very expensive. On the other hand, universal life will give you the security of a guaranteed death benefit with a low, level premium.

Survivor Life Insurance (Second-to-Die) Explained:

Survivor Life Insurance is a special plan covering two lives, typically a husband and a wife, or business partners. These plans are designed to provide cash to cover estate taxes or business liability, which have to be paid after both people, have died. The survivor plan premium is often much less than if individual coverage was purchased on each life. These plans can be based on either whole life or universal life. We suggest that if you are considering survivorship life you should speak to an Insurance Advisor, and Get a Free Life Insurance Quote Today to secure a plan that is highly customized to fit your personal needs.

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