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Low cost whole life insurance is the most common life insurance policy. It is a simple policy that works on the basis of a basic permanent insurance plan into which you pay periodic payments, most commonly monthly, and provides protection to your beneficiaries over the course of your life.
It provides a set amount of coverage which can never be cancelled, in exchange for fixed, uniform payments. The premiums are high compared to your statistical risk of death, which leads to the same payment amount throughout your life, which is why reserves are built up. Assuming that you live a longer life after the policy was issued, your payments become low when compared against your risk of death. To put it simply, during the first few years of a whole life policy, insurance companies take in substantially more money than they pay out.
Though it is much simpler to budget for this policy due to its stable nature, it fails to factor in the increased wealth factor of the insured and their loved ones as they get older and earn more money. It also fails to include the additional expenditure they’ll be making as they buy bigger and more expensive housing and cars. The premium of low cost whole life insurance is much less than the other whole policies. These policies help those who are young and going for policies for the first time, which will ultimately help the people who would be dependent on him in the future.
Whole life insurance is a permanent policy which will provide coverage whenever death occurs. In this policy there are two types of terms: straight level term and return of premium term.
Low Cost Life Insurance provides detailed information on Low Cost Life Insurance, Low Cost Term Life Insurance, Low Cost Whole Life Insurance, Low Cost Life Insurance Quote and more. Low Cost Life Insurance is affiliated with Low Cost Family Health Insurance.
Tuesday 8 January 2008
Saturday 22 December 2007
Term Life Insurance - Getting The Best Out Of It
Term life insurance has it's setbacks. However, taking a few precautions will help you get the best from it. But before we go into things that will ensure this, I'll give an advice that applies to all insurance policies you buy...
Get your term life insurance policy from an insurance company that has an excellent reputation. Doing otherwise may prove fatal. Use resources like The Better Business Bureau (BBB) to check an insurer's track record.
Yes, it's true that policy holders of term life insurance could finally become uninsurable at the termination of their present term life policy. This however, could be covered if you get a term life insurance policy that is convertible to another life insurance policy and/or has guaranteed renewal as a feature. This option, nevertheless, cost you more.
If your policy has a guaranteed renewal feature your insurer has no option but to allow you to renew your term life insurance policy whenever it expires.
Another setback is the fact that you'll have to die to get the benefit. If you live to the end of the term, no benefit would be given. If a term life policy should expire by 26th of July, 2007 a full death benefit would be given if an insured dies by 11.45P.M 26th of July, 2007. However if the policy holder dies by 1.45am 27th of July, 2007 (2 hours afterwards) not even a dime would be received!
You can deal with this by again getting a term life policy that's convertible. If you get an option that is convertible, you can change over to whole life insurance thus taking advantage of the best of both worlds. If you are below forty-five, you can easily buy a term life insurance policy when you are in need of life insurance coverage but have little money to spare and later change over to permanent life insurance as your finance gets better.
Now, here's how to save on term life or any other insurance policy...
You will save much if you only have between 15-30 minutes. Visit, obtain and compare quotes from various quotes sites. An insurance quotes site could return quotes that show a difference of over $2,000 between the highest term life insurance quote and the lowest.
Get your term life insurance quotes now from these highly recommended sites...
Free Affordable Life Insurance Quotes
Hometown Life Insurance Quotes
Chimezirim Odimba writes on life insurance.
Get your term life insurance policy from an insurance company that has an excellent reputation. Doing otherwise may prove fatal. Use resources like The Better Business Bureau (BBB) to check an insurer's track record.
Yes, it's true that policy holders of term life insurance could finally become uninsurable at the termination of their present term life policy. This however, could be covered if you get a term life insurance policy that is convertible to another life insurance policy and/or has guaranteed renewal as a feature. This option, nevertheless, cost you more.
If your policy has a guaranteed renewal feature your insurer has no option but to allow you to renew your term life insurance policy whenever it expires.
Another setback is the fact that you'll have to die to get the benefit. If you live to the end of the term, no benefit would be given. If a term life policy should expire by 26th of July, 2007 a full death benefit would be given if an insured dies by 11.45P.M 26th of July, 2007. However if the policy holder dies by 1.45am 27th of July, 2007 (2 hours afterwards) not even a dime would be received!
You can deal with this by again getting a term life policy that's convertible. If you get an option that is convertible, you can change over to whole life insurance thus taking advantage of the best of both worlds. If you are below forty-five, you can easily buy a term life insurance policy when you are in need of life insurance coverage but have little money to spare and later change over to permanent life insurance as your finance gets better.
Now, here's how to save on term life or any other insurance policy...
You will save much if you only have between 15-30 minutes. Visit, obtain and compare quotes from various quotes sites. An insurance quotes site could return quotes that show a difference of over $2,000 between the highest term life insurance quote and the lowest.
Get your term life insurance quotes now from these highly recommended sites...
Free Affordable Life Insurance Quotes
Hometown Life Insurance Quotes
Chimezirim Odimba writes on life insurance.
Term vs Whole Life vs Universal Life Insurance - Compare Life Insurance For Your Best Buy!
Term Life Insurance
Just as the name, term life insurance says, this type of life insurance is purchased to last a set amount of time, or a term. Terms may be from one year to 30 years. The amount of time that the life insurance is purchased for should represent the time that an insured person feels they need that coverage. Sometimes people use the length of their home mortgage and sometimes they think about how many years their children will depend upon them for support.
Since the life insurance company only takes on liability for a set amount of time, they will offer larger face amounts for less money. After all, the life insurance company will require an application, and possibly back that up with other research on a potential customer's general health. They will take an application, and only offer life insurance to people that they believe will survive the term of the policy. Of course, longer terms will usually cost more than shorter terms. But the fact that a term exists, means that this sort of life insurance will cost less than any permanent insurance for the same face value of death benefits.
Whole Life Insurance
Whole life insurance is the traditional form of life insurance. It does not expire at a set term, but as long as it is paid up, will last for an insured person's whole life. It can also build up a cash value that can be taken out or borrowed against. In this way, whole life is not just insurance, but can also become an asset.
Whole life insurance is, of course, more expensive for large amounts than term life for the same individual and death benefit. However, in small amounts, it can be an affordable way to purchase life insurance that will settle final expenses for an older person, or a person with health issues. Many people purchase final expense or burial policies for senior citizens, and these are simply smaller face value whole life insurance policies.
Of course, children are fairly cheap to insurance. The purchase of a whole life policy on a child would give them the gift of lifetime protection. Sometimes these policies can be paid off over a set amount of time, and the child will have a valuable asset and protection when they get older!
Universal Life Insurance
Universal life insurance is a new product, and is more complicated. It is permanent life insurance, but can also have a term insurance rider. For instance, a man with three kids may want extra protection while his children are young. Then, when he anticipates that his children will not depend upon him, he may drop the extra term life, and just have the permanent life insurance.
The central thing about universal life insurance is that it is also used as an investment. Policies may be tied to market rates, so any money put into the policy, that is not needed to pay for the current life insurance bill could grow as an investment. This can increase the value of the policy's cash amount, and even increase the face value or death benefit of the life insurance.
Term Life vs Whole Life Vs Universal Life
So which is better? Well, that depends upon your own needs, expectations, the type of insurance you can qualify for, and your budget. You need to decide if you only need life insurance for a set amount of time, or if you would like protection for your whole life. Do you want to use life insurance as an investment? Do you want some combination?
Compare Term vs Whole Life vs Universal Life Insurance with our free online life insurance quote form!
http://www.247QuoteUS.com
Just as the name, term life insurance says, this type of life insurance is purchased to last a set amount of time, or a term. Terms may be from one year to 30 years. The amount of time that the life insurance is purchased for should represent the time that an insured person feels they need that coverage. Sometimes people use the length of their home mortgage and sometimes they think about how many years their children will depend upon them for support.
Since the life insurance company only takes on liability for a set amount of time, they will offer larger face amounts for less money. After all, the life insurance company will require an application, and possibly back that up with other research on a potential customer's general health. They will take an application, and only offer life insurance to people that they believe will survive the term of the policy. Of course, longer terms will usually cost more than shorter terms. But the fact that a term exists, means that this sort of life insurance will cost less than any permanent insurance for the same face value of death benefits.
Whole Life Insurance
Whole life insurance is the traditional form of life insurance. It does not expire at a set term, but as long as it is paid up, will last for an insured person's whole life. It can also build up a cash value that can be taken out or borrowed against. In this way, whole life is not just insurance, but can also become an asset.
Whole life insurance is, of course, more expensive for large amounts than term life for the same individual and death benefit. However, in small amounts, it can be an affordable way to purchase life insurance that will settle final expenses for an older person, or a person with health issues. Many people purchase final expense or burial policies for senior citizens, and these are simply smaller face value whole life insurance policies.
Of course, children are fairly cheap to insurance. The purchase of a whole life policy on a child would give them the gift of lifetime protection. Sometimes these policies can be paid off over a set amount of time, and the child will have a valuable asset and protection when they get older!
Universal Life Insurance
Universal life insurance is a new product, and is more complicated. It is permanent life insurance, but can also have a term insurance rider. For instance, a man with three kids may want extra protection while his children are young. Then, when he anticipates that his children will not depend upon him, he may drop the extra term life, and just have the permanent life insurance.
The central thing about universal life insurance is that it is also used as an investment. Policies may be tied to market rates, so any money put into the policy, that is not needed to pay for the current life insurance bill could grow as an investment. This can increase the value of the policy's cash amount, and even increase the face value or death benefit of the life insurance.
Term Life vs Whole Life Vs Universal Life
So which is better? Well, that depends upon your own needs, expectations, the type of insurance you can qualify for, and your budget. You need to decide if you only need life insurance for a set amount of time, or if you would like protection for your whole life. Do you want to use life insurance as an investment? Do you want some combination?
Compare Term vs Whole Life vs Universal Life Insurance with our free online life insurance quote form!
http://www.247QuoteUS.com
Term Life Insurance And What Happens When You Do Not Die?
We all know that we should have some sort of life insurance. Even though we do not want to die in the next few decades, or even like to think it is possible, we know that we are risking our family's security by totally ignoring the possibility. However some people are so confused by the different types of life insurance that they end up putting of the purchase. The longer you do put off a life insurance purchase, the longer you risk your family's security. And of course, life insurance only gets more expensive and harder to obtain the older you are!
Of course, term life insurance is one of the most popular forms of life insurance because the premiums are usually the most affordable. This is especially true during the working years when most people have the largest need for life insurance. The problem is this. Most term policies are purchased for a length of time, or term, of 10 to 30 years. Before a life insurance company offers to accept an applicant, they will do some underwriting. In other words, the life insurance company will examine the risk that the person will actually die during that term. What the company wants are people who are likely to live. Of course, they want to accept your premiums for a term of time, and they do not want to pay out the death benefit!
This may not seem that attractive to a customer, and even though the premiums are low, many consumers find it difficult to get excited about parting with a portion of their hard earned money for a benefit that everybody hopes will never be used! However, many life insurers are coming up with an attractive solution to this problem. This is called a Return of Premium (ROP) rider. It is attached to a term policy, and it does add a little to the cost. However, with a ROP rider, the policy owner will get their premiums totally refunded if they survive the term!
Do the math. Instead of paying out $30 a month for a twenty year term policy and ending up with nothing for your payments, you will get $7200 back! Some of the companies will even offer to use that money to purchase a permanent life insurance policy for you, or of course, you can take it in the form of a check! It is pretty painless to shell out $30 a month for most people, but it is a nice reward to get over $7,000 back!
When I present this option, really the only question clients have is if any interest is paid. Some people want everything! No, look at it like the interest is the fact that you have life insurance! But otherwise, you can calculate your refund with a very simple formula! So if you object to paying for term life insurance that you hope you will never use, why not look into getting your premiums refunded with a return of premium policy?
Check out our free Return Of Premium Life Insurance Calculator to see how big of a check you can get just for outliving your life insurance! Also take about 3 minutes to Compare Life Insurance Rates with our Free Quote Form!
http://247quoteus.com/rop-term.html
Of course, term life insurance is one of the most popular forms of life insurance because the premiums are usually the most affordable. This is especially true during the working years when most people have the largest need for life insurance. The problem is this. Most term policies are purchased for a length of time, or term, of 10 to 30 years. Before a life insurance company offers to accept an applicant, they will do some underwriting. In other words, the life insurance company will examine the risk that the person will actually die during that term. What the company wants are people who are likely to live. Of course, they want to accept your premiums for a term of time, and they do not want to pay out the death benefit!
This may not seem that attractive to a customer, and even though the premiums are low, many consumers find it difficult to get excited about parting with a portion of their hard earned money for a benefit that everybody hopes will never be used! However, many life insurers are coming up with an attractive solution to this problem. This is called a Return of Premium (ROP) rider. It is attached to a term policy, and it does add a little to the cost. However, with a ROP rider, the policy owner will get their premiums totally refunded if they survive the term!
Do the math. Instead of paying out $30 a month for a twenty year term policy and ending up with nothing for your payments, you will get $7200 back! Some of the companies will even offer to use that money to purchase a permanent life insurance policy for you, or of course, you can take it in the form of a check! It is pretty painless to shell out $30 a month for most people, but it is a nice reward to get over $7,000 back!
When I present this option, really the only question clients have is if any interest is paid. Some people want everything! No, look at it like the interest is the fact that you have life insurance! But otherwise, you can calculate your refund with a very simple formula! So if you object to paying for term life insurance that you hope you will never use, why not look into getting your premiums refunded with a return of premium policy?
Check out our free Return Of Premium Life Insurance Calculator to see how big of a check you can get just for outliving your life insurance! Also take about 3 minutes to Compare Life Insurance Rates with our Free Quote Form!
http://247quoteus.com/rop-term.html
Friday 21 December 2007
30 Year Term Life Insurance -- Worth Taking a Look?
We all know that one of the perks of purchasing a term life insurance policy, aside from the fact that it is usually cheaper than purchasing a whole life insurance policy, is that we can choose how long we want the term life insurance policy to be in effect. We get to choose when the term life insurance policy expires, and generally we can choose for our term life insurance policies to last anywhere between one year and thirty years.
If we have such flexibility choosing the length of our term life insurance policies, why should we consider choosing a 30-year term life insurance policy? Well, there is a reason you are interested in purchasing a term life insurance policy in the first place. Maybe you like the flexibility of term life insurance policies; maybe you like the affordability. Maybe you only need life insurance for a certain number of years due to an illness or some kind of debilitating health condition. Maybe you just like the fact that with a term life insurance policy, you know that you are not subject to a “forced savings component” that comes with whole life insurance policies. In any event, you want a term life insurance policy, and by purchasing a 30-year term life insurance policy, you can rest assured knowing that you are going to be covered for the next 30 years.
It’s true that there is no cash value that accumulates with a 30-year term life insurance policy; however, at the end of the 30 years, you can renew your term life insurance policy even if you do not have evidence of insurability – your premiums may increase annually, but you can renew it.
Purchasing some kind of life insurance policy, whether it be a term life insurance policy or a whole life insurance policy, is a responsible decision to make; one that will be beneficial to both you, and your family.
Affordable Car Insurance Home owners Insurance Affordable Health Insurance
If we have such flexibility choosing the length of our term life insurance policies, why should we consider choosing a 30-year term life insurance policy? Well, there is a reason you are interested in purchasing a term life insurance policy in the first place. Maybe you like the flexibility of term life insurance policies; maybe you like the affordability. Maybe you only need life insurance for a certain number of years due to an illness or some kind of debilitating health condition. Maybe you just like the fact that with a term life insurance policy, you know that you are not subject to a “forced savings component” that comes with whole life insurance policies. In any event, you want a term life insurance policy, and by purchasing a 30-year term life insurance policy, you can rest assured knowing that you are going to be covered for the next 30 years.
It’s true that there is no cash value that accumulates with a 30-year term life insurance policy; however, at the end of the 30 years, you can renew your term life insurance policy even if you do not have evidence of insurability – your premiums may increase annually, but you can renew it.
Purchasing some kind of life insurance policy, whether it be a term life insurance policy or a whole life insurance policy, is a responsible decision to make; one that will be beneficial to both you, and your family.
Affordable Car Insurance Home owners Insurance Affordable Health Insurance
30 Year Term Life Insurance -- Worth Taking a Look?
We all know that one of the perks of purchasing a term life insurance policy, aside from the fact that it is usually cheaper than purchasing a whole life insurance policy, is that we can choose how long we want the term life insurance policy to be in effect. We get to choose when the term life insurance policy expires, and generally we can choose for our term life insurance policies to last anywhere between one year and thirty years.
If we have such flexibility choosing the length of our term life insurance policies, why should we consider choosing a 30-year term life insurance policy? Well, there is a reason you are interested in purchasing a term life insurance policy in the first place. Maybe you like the flexibility of term life insurance policies; maybe you like the affordability. Maybe you only need life insurance for a certain number of years due to an illness or some kind of debilitating health condition. Maybe you just like the fact that with a term life insurance policy, you know that you are not subject to a “forced savings component” that comes with whole life insurance policies. In any event, you want a term life insurance policy, and by purchasing a 30-year term life insurance policy, you can rest assured knowing that you are going to be covered for the next 30 years.
It’s true that there is no cash value that accumulates with a 30-year term life insurance policy; however, at the end of the 30 years, you can renew your term life insurance policy even if you do not have evidence of insurability – your premiums may increase annually, but you can renew it.
Purchasing some kind of life insurance policy, whether it be a term life insurance policy or a whole life insurance policy, is a responsible decision to make; one that will be beneficial to both you, and your family.
Affordable Car Insurance Home owners Insurance Affordable Health Insurance
If we have such flexibility choosing the length of our term life insurance policies, why should we consider choosing a 30-year term life insurance policy? Well, there is a reason you are interested in purchasing a term life insurance policy in the first place. Maybe you like the flexibility of term life insurance policies; maybe you like the affordability. Maybe you only need life insurance for a certain number of years due to an illness or some kind of debilitating health condition. Maybe you just like the fact that with a term life insurance policy, you know that you are not subject to a “forced savings component” that comes with whole life insurance policies. In any event, you want a term life insurance policy, and by purchasing a 30-year term life insurance policy, you can rest assured knowing that you are going to be covered for the next 30 years.
It’s true that there is no cash value that accumulates with a 30-year term life insurance policy; however, at the end of the 30 years, you can renew your term life insurance policy even if you do not have evidence of insurability – your premiums may increase annually, but you can renew it.
Purchasing some kind of life insurance policy, whether it be a term life insurance policy or a whole life insurance policy, is a responsible decision to make; one that will be beneficial to both you, and your family.
Affordable Car Insurance Home owners Insurance Affordable Health Insurance
Whole Life Insurance Explained - This Is How Whole Life Insurance Works
Several people have asked me to explain how Whole Life Insurance works recently, so I decided to do it in an article so everyone could read it and I could answer everyone's question at the same time. Also, you can always refer back to this article if you ever have any questions. Fair enough? Then let's get started!
Whole Life Insurance is a type of policy that is meant to provide life insurance protection for a person's entire life or until they reach the age of 100 years, whichever comes first. This is a permanent type of life insurance policy, which means that you'll be paying on it for as long as you live, unless you happen to get a specific policy where you can pay it off early, such as a "Paid At 60" policy. These types of policies charge much higher premiums, however you'll only pay on them for a specified period of time and be finished. Anyway, I don't want to get too far off track.
A Whole Life Insurance policy requires that you take a physical exam, in most cases. Before a company is going to provide insurance coverage they're going to want to know if there are any physical ailments that they should be aware of first. Some of these may disqualify you from being covered, such as AIDS, Cancer, Heart Disease, Diabetes and more.
When you pay into a Whole Life Insurance policy, a portion of your premium payments go toward buying insurance, while the rest goes into a savings account that accrues cash value. This cash value will accumulate and begin to draw interest over time. This will actually build into an asset that you can use as collateral or borrow from. You must repay the loan in order for the entire face value of the policy to be paid out in the event of your death.
Whole Life Insurance isn't as popular as it used to be. Many people are now choosing to buy Term Life instead because they're finding that they don't need to be covered for their whole life, because it's less expensive and because they prefer to invest their money elsewhere. You should get several free life insurance quotes and then talk to an agent to determine which plan is the best choice for you and your family.
You Can Learn More About Whole Life Insurance Options And Even Get Free Life Insurance Quotes Right Now At TheLifeInsuranceGuys.com or by clicking on Whole Life Insurance Explained Rick Stevens Is A Former Life And Health Agent That Now Works Helping Others By Providing Free Information. Visit His Website Today!
Whole Life Insurance is a type of policy that is meant to provide life insurance protection for a person's entire life or until they reach the age of 100 years, whichever comes first. This is a permanent type of life insurance policy, which means that you'll be paying on it for as long as you live, unless you happen to get a specific policy where you can pay it off early, such as a "Paid At 60" policy. These types of policies charge much higher premiums, however you'll only pay on them for a specified period of time and be finished. Anyway, I don't want to get too far off track.
A Whole Life Insurance policy requires that you take a physical exam, in most cases. Before a company is going to provide insurance coverage they're going to want to know if there are any physical ailments that they should be aware of first. Some of these may disqualify you from being covered, such as AIDS, Cancer, Heart Disease, Diabetes and more.
When you pay into a Whole Life Insurance policy, a portion of your premium payments go toward buying insurance, while the rest goes into a savings account that accrues cash value. This cash value will accumulate and begin to draw interest over time. This will actually build into an asset that you can use as collateral or borrow from. You must repay the loan in order for the entire face value of the policy to be paid out in the event of your death.
Whole Life Insurance isn't as popular as it used to be. Many people are now choosing to buy Term Life instead because they're finding that they don't need to be covered for their whole life, because it's less expensive and because they prefer to invest their money elsewhere. You should get several free life insurance quotes and then talk to an agent to determine which plan is the best choice for you and your family.
You Can Learn More About Whole Life Insurance Options And Even Get Free Life Insurance Quotes Right Now At TheLifeInsuranceGuys.com or by clicking on Whole Life Insurance Explained Rick Stevens Is A Former Life And Health Agent That Now Works Helping Others By Providing Free Information. Visit His Website Today!
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