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Managing Multiple Funds Through A Single Variable Life Insurance

Todays Date: December 15, 2018

Procuring online quotes for Life Insurance can be easy and quick if policy buyers are well informed. Being educated about the variety of policies available in the market, their types and scope is beneficial when procuring policy quotes online.

Most policy buyers are not aware of the availability of an affordable life insurance. First time buyers may be discouraged by the high premium costs of the Whole Life Insurance policy. As a result they may be reluctant to provide financial protection to their loved ones. However, there is an affordable alternative which is the Term Life Insurance policy.

The Term Life policy insures the beneficiary for a particular time period limited to a number of years. The policy expires at the end of the specified term after which the policy buyer can choose to renew the same. Such a policy type is reasonably priced and most suitable for individuals on a limited budget.

Term Life Insurance is an easy to understand policy with the option of personalizing it as per the needs of the buyers. The monthly premium amounts are relatively low based on the policy period and the amount of insurance cover. The policy period ranges between ten, twenty and thirty years. The amount of insurance can start from $100,000 and go up to several million dollars.

Variable Life Insurance policy holders can switch investments without incurring any charges or taxes. Most insurance providers limit the number of such investment switches to twelve per year. The downside of Variable Insurance is the risk involved in the cash value component which depends largely on the performance of investments.

Premium payments remain the same throughout the policy period. The unexpected death of the policy holder entitles the beneficiary to receive the insured amount as death benefits. The Term Life Insurance can tailor made to suit individual requirements. For example, young individuals with dependants may need a different type of coverage as compared to individuals who are nearing the age of retirement. Term Life Insurance can be further personalized by including special riders relating to Child, Waver of Premium or Accidental Death.

Among the most important things to remember when procuring a Term Life Insurance quote is the premium payment affordability. Premiums can be paid monthly or semi-annual basis. Also, it is necessary to remember that such policy is a pure form of insurance with any additional benefits as in the case of Whole Life Insurance. As per the conditions of the Term Life, should the policy holder die even one day after the specified policy period, the beneficiary will not be entitled to any insurance benefits.

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