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Posts Tagged ‘Cheap Life Insurance Quotes’

Principal Types of Life Insurance

July 11th, 2018 Comments off

The concepts of life insurance are not new. It is a concept that is practiced worldwide and dates back to many decades ago. It is continuously gaining momentum among people of all walks of life. This is cutting across people who are employed and non-employed, the rich and the poor, and the young and the old alike.  There are two types of life insurance all over the world. These are term and whole life insurance. As they appear, the two types of life insurance may appear straightforward in meaning and description, but that is not the case.

They are further subdivided into other categories. These categories include the conventional whole life, variable and variable general life insurances. It is estimated that approximately 6.4 million personal life insurance covers were term while nearly 7.1 million others were whole life. Personal life insurance covers are so different from the group life insurances in so many aspects. This article focuses its attention of individuals’ life policies.

Term Insurances

These are the most basic types of life insurance policies. The policy is only paid upon the occurrence of death within the term of the cover. The cover is usually extend between a periods of one to 30 years depending on the firm issuing the policy or policy duration taken by the insured. A number of term policies provide fewer benefits. Most often there are none at all.  The term life insurance covers are subdivided into two: – the level and decreasing term.

The first type of cover means there is no alteration to the death benefit throughout the entire duration of the life policy. The latter on the other hand implies that the death benefits decline as the number of years of policy increases. The increments are usually calculated yearly over the period in which the policy is taken. It is estimated that nearly all term life insurance covers in United States in 2003 were purchased to level term.  This figure constituted to about 97 per cent.

Whole life or permanent Insurances

This is the most preferred types of life insurance by many people not only in United States but around the globe as well. It is termed as permanent because the benefits are paid upon death irrespective of the time the death occurs. Permanent life insurance is mainly classified into three. These are conventional whole life, general life and variable general life covers.

There are wide major distinctions between these three types of insurances. Prior to 1970s and 80s, the traditional or conventional life insurance was the only form of insurance available to permanent insurance or whole life insurance policy seeker. General and variable general life insurance which is sometimes referred to as universal and variable universal life insurance was only introduced to the market by insurance firms in 1970s and 1980s.

The death benefit and premium paid under the conventional whole life are designed to remain constant throughout the term of the cover. The cost of obtaining a traditional whole life insurance is linearly related to the age. This implies that, as age increases the cost of obtaining whole life also increases overtime. The reason behind this is to discourage people from purchasing insurance covers when they are old.

It is assumed that as ones age maturity increases, the risk of death occurring also increases and nearly all insurance companies would like to avoid insuring such risks. The high cost of traditional whole life insurance is also used to supplement the level premium which aids to meet the cost of the cover in older individuals.

The law nevertheless stipulates that the higher pay must be reimbursed to the insured or holder of the policy in cash value should he or she opt to terminate the policy. The cash value is not an additional benefit associated with the policy; rather it serves only as an alternative.

Conclusion

If you are considering taking whatever kind of life insurance, ensure that you talk to insurer first to understand the basics and finer details about the cover which is appropriate for you. Despite the fact that the rules governing the insurance are similar, there may be certain slight variation among different types universal life insurance policy companies. It is always good to find out what these variations are and how they can impact on the anticipated policy.

Am I too old for life insurance? I guess not

September 18th, 2012 Comments off

My twenty one year old son asked me the other day what kind of insurance policy he should take after he gets a job. He didn’t ask me if I had an insurance policy. As a matter of fact I don’t and I am scared. Being a working single mother all my life did not leave me with much time or money to deliberate over a life insurance policy. What I didn’t know at that time was that life insurance rate differs from person to person and that there are many cheap life insurance options available. The high premium rates that I was hearing about kept me from actually approaching an insurance company and finding out about the most affordable life insurance rates. It spooks me out just to think about what would have happened to my son and daughter if something had happened to me.

But a life insurance policy doesn’t come cheap at this age. But finally I gathered the nerve to look around and find what I can do for my little family even if it’s late. My first step was to find life insurance rate online and I was surprised at the number of sites that are ready to give out a life insurance quote for free. And it wasn’t such a dire situation even for those like me above fifty years of age! Considering that I am in reasonably good health and thankfully with no history of any kind of cancer in my family or other malignant diseases, I received reasonably priced quotes without much ado. The world is moving towards a healthy life style. Insurance policies have come out of their comfort zones and started offering insurances for seventy, even eighty year old people. Of course, the elderly cannot expect more than funeral expenses to be covered through an insurance policy taken that late in life.

There are term policies available for people of my age up to twenty years at a surprisingly cheap life insurance rate. Thankfully both my children are going to
be self sufficient in about three years, so I might not need such a long term. But I do not want them to get into trouble over the mortgage I had taken on the
house to fund their education. So I decided to take up a term policy for the next five years so that all the debts can be taken care of in the worst case
scenario. None of us would like to think about ‘what’s next’ but we must. Those who are left behind are the worst part of death. So take care of them. The best
life insurance rate is out there for anybody looking for it and I suggest anybody who hasn’t taken a policy to go for it.

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Life Insurance Quotes | Term Life Rates: BeamaLife

Two pointers for you: Life insurance quotes are available, life insurance quotes are free

September 18th, 2012 Comments off

We are all so used to paying for everything and especially something as important as acquiring a quote for life insurance got to cost money right? Wrong. Welcome to the information age buddy. If you want to ‘know’ something, you know it for free, not strings attached. So where exactly do you find a life insurance quote for free, one that is not a lousy estimation made by a commission-friendly agent? Right here, of course. Not in this article silly, but on the internet. If you are looking for a life insurance, do not go the traditional way of asking your dad. Remember, you need more options than that. Seriously, how many of us have been really honest about our finances with our
dads? Or anybody in the world for that matter, sometimes inclusive of spouses!

Life insurance is as personal as it can get and what better place to divulge information than on a virtual interface? The best life insurance quote that is absolutely applicable to you is only waiting to be found out. All you have to do is sit back, have a cup of coffee and fill in some relevant information about
you, your health and priorities, honestly for you to get a perfect life insurance quote. A cheap life insurance quote is available anywhere, but it may not be applicable to you. For example, if you happen to be a smoker, you will be charged higher premiums due to the increased risk. So, you should start looking for companies that offer the most affordable life insurance quote for smokers. There are several cases like this and cases where you might not need life
insurance at all which need to be deliberated before or as you go about acquiring life insurance quotes. If your family has a history of cancer, you might be rejected for a life insurance option or offered insurance at very high premium. Fortunately, there are some sympathetic companies which calculate your risk factor exactly, even going to the lengths of hiring experts to determine the risk you are in and give you a realistic quote accordingly. But, how will
you find these companies if you don’t look for them? There are many cases like these that will be solved once you start analyzing the life insurance rate each company provides you with.

Also, remember that there is no ‘you’ll have to take now that you unwrapped it,’ rules for these quotes. They are just a measurement tool for you to compare and decide what is best for you. Much good it does too, for the money minded insurance companies by throwing in the healthy competition factor, now that they have to put their wares out in the open!

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Life Insurance Quotes | Life Insurance Quote : BeamaLife

How to get the best term life quote

September 17th, 2012 Comments off

Term life quotes are now all over the internet. Companies offering cheapest possible rates are advertising their policies through free web. But did you know that most of these quotes are not applicable to you? The cheap term life quote you see flashing in your side bar while you are browsing is meant for the ideal
client only. He doesn’t smoke, he drives safer than safe, his family has no history of cancer, cholesterol, diabetes or heart disease and neither is he too old or too young…just to quote a few qualities. It is a fact that there are less than one percent of cases where a death benefit claim had been made through a term life insurance policy. So, you can only imagine the number of rules and stipulations an insurance company has to offer you a term life policy.

To get the best term life quote, you need to turn to the internet, nevertheless.Forget the advertisements and concentrate on the policies and the information provided regarding them. Scouting for a term life quote is best done where you are not influenced by external factors. Like, if you let an insurance agent or friends debrief you on your available options, the information you would get is obviously second hand with a lot of omissions and unnecessary additions. Term life rates are calculated through the same mortality tables that are used in calculating permanent life insurance premiums. So, you can be sure family history of illnesses, driving records, previous illnesses down to your lifestyle and habits will come up when you are seeking a term life quote.

You will be given several options for term life insurance after you have provided all the necessary information. If you settle for the cheapest quote, beware that you might not be getting what all has been advertised. Many people fall for these cheap quotes and later realize that several scenarios have not been covered in their policies. While you can get all the information you would need about these term life quotes on the internet, and probably would receive a couple of quotes pertaining to your details, it is not often the case that all your interests will be covered. It is best to discuss in depth with your agent, after you have acquired maximum knowledge yourself so as to get the most affordable term life quote with all the benefits you seek.

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Looking for the best term life rates?

September 17th, 2012 Comments off

Term life rates are a major boon for those who are on the lookout for cheap life insurance policy. We are all aware that death has no plans. It can strike anybody, anywhere at any time. While the scenario is not oblivious in anybody’s mind, not every one can afford a permanent life insurance policy especially if they are young or of the lower income groups. Affordable term life rates make it a possibility for everybody who wishes to support their families in case of death. Term life insurance runs for a certain time period during which the person availing it is to pay a considerably cheaper premium, which is also fixed for the entire term.

Getting the best Term Life Rates would still be a challenge because of the various factors involved in calculating an insurance premium. Your best bet is to stay informed and stay attentive. Many people have been lured into purchasing term life insurances by holding the cheap bait in front of them, when in reality these policies do not extend to a lot of scenarios. In addition, even if you come across a cheap term life quote, there is every possibility that you might not qualify for that quote because the companies have several criteria they need you to fulfill before they can offer you their cheapest best. You would end up paying more if you have higher risk factor as determined by the company.

Cheap term life rates are offered to those who are in the lower risk of actually having to claim the insurance. So, to look good in the eyes of the insurance company so that they can offer you the best possible rates, one thing you can do is clean up your driving record. Granted, it would take time, but you will have to do it sometime, plus people with clean driving records are given nice discounts on their insurance premiums whether it is term life, permanent life or even auto insurance policies. If you are from a family that has a history of cancer, there is every chance that your term life rates will hike. On the other hand, if you have a family history of high cholesterol, you can always show your insurance agent that you have a healthy record of cholesterol levels if you do. In the case of cancerous family history, you can take a term life insurance for a smaller term just till you reach the state where you can afford full benefits. There is always a conversion option available with term life insurances that will let you convert to permanent life insurance or to extend your term.
Possibility of availing the conversion option could result in a slight raise in your premium. You can get the best term life rates if you spend some time looking and more time evaluating the quotes and offers in front of you.

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Life Insurance Quotes | Term Life Rates : BeamaLife